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24 Sept 2018

Guangdong Sets Out Bay Area Innovation Development Strategy

New measures, intended to optimise the local entrepreneurship and innovation environment, have been introduced by the Guangdong Provincial Government.

Of the 15 new policies set to be adopted, five are seen as having particular significance:

A national demonstration zone, focussing on the transfer and commercialisation of scientific and technological (S&T) achievements, is to be established in the Pearl River Delta region. Its remit will be to strengthen cooperation with regard to technological innovation and commercialisation within the Guangdong-Hong Kong-Macau Bay Area. It will also act as a conduit for driving closer cooperation with Hong Kong and Macau in the development of national-level incubation bases for S&T programmes, youth innovation and entrepreneurship initiatives and other platforms intended to commercialise successful R&D outcomes.

An intellectual property protection and operation centre, with a mandate to promote the integrated development of intellectual property and related industries, will also be established.

The sharing of innovation and entrepreneurship resources between universities and research institutes is to be prioritised in order to deepen technological cooperation with Hong Kong and Macau. It is also hoped that this will facilitate active participation in a number of the core technologies and basic research projects set to be conducted within the Guangdong-Hong Kong-Macau Bay Area.

Additionally, an innovative approach to financing service formats is to be adopted, including consideration being given to investment-loan linkage and the provision of support for any bank venturing into the investment-loan linkage sector.

Finally, the development of an international venture capital centre is to be prioritised as a means of guiding the extension of venture capital towards investing in early stage business startups.

Full details of the proposed measures can be found in the recently-circulated Implementation Opinions on Strengthening the Innovation-Driven Development Strategy and Further Boosting the In-Depth Development of Mass Entrepreneurship and Innovation.

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